The mill rate is determined by dividing the grand levy by the grand list. In Connecticut, property tax rates are expressed in mills, or thousandths of a dollar. A property tax rate of 19.94 mills (2010 mill rate), or .01994, results in the payment of $19.94 for each $1,000 of the property's assessed value. The Board of Finance determines the Town budget and mill rate. The mill rate is then applied to each taxpayer's taxable property.